This study recommended a micro-surfacing cold-mix binder with good water stability, high- and lowtemperature property and fast curing rate. Additionally, a dynamic water disturbance experiment method to evaluate the adhesion of composite modified emulsified asphalt was developed. Initially, the optimal SBR content is determined through performance tests, followed by selected a suitable WER system via film-forming experiments. Various WER-SBR composite-modified emulsified asphalt formulations are prepared by adjusting WER concentrations. The properties of WER-SBR modified emulsified asphalt were comprehensively evaluated using methods including penetration, softening point, ductility, Brookfield electron microscopy, and fluorescence microscopy, and the appropriate range of WER content was discussed. The results of the study showed that when the SBR content was 3%, the comprehensive performance of the modified emulsified asphalt was optimal. The addition of WER could improved the high-temperature performance and adhesion of SBR modified emulsified asphalt, but it gradually weakened the low-temperature performance and storage stability. Based on the comprehensive evaluation of the experiments, if the modified emulsified asphalt is for immediate use, the recommended WER content is 6%-9%. If the modified emulsified asphalt needs to be stored for one day, the recommended WER content is below 4%.